Husky Oil Operations Ltd., a subsidiary of Husky Energy (TSX:HSE), has been approved to develop the South White Rose Extension project off Newfoundland.
The Canada-Newfoundland and Labrador Offshore Petroleum Board made the announcement today for the project that's expected to cost about $1.2 billion.
South White Rose is estimated to contain about 33 million barrels of oil that can be recovered using subsea flow lines connected to the SeaRose production vessel.
Husky spokeswoman Colleen McConnell says first oil is expected by the end of next year.
The offshore petroleum board says the province and Ottawa have ratified the board's approval.
McConnell says the first phase will start this summer with the installation of gas injection equipment at the site 350 kilometres east of St. John's.
Read more Business News
- Girl assaulted at parkKamloops - 11:47 am
- One dead in shootingBC - 11:44 am
- $400,000 drug bustBC - 12:31 pm
- Interior Health power failureCentral Okanagan - 12:34 pm
|QHR Technologies Inc||1.22||+0.02|
|Anavex Life Sciences||0.26||-0.0075|
|Copper Mountain Mining||2.83||-0.03|
|Sunrise Resources Ltd||0.03||-0.005|
|Mission Ready Services||0.15||-0.005|
Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...
The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...
Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...